Plato Investment Management Ltd Purchases New Holdings in ServiceNow, Inc. $NOW

Key Points

• Plato Investment Management acquired 31,385 ServiceNow shares during the second quarter, worth approximately $3.1 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly revenue of $3.99 billion, up 24% year over year and above analysts’ expectations, while adjusted earnings of $0.90 per share exceeded consensus by $0.04.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $143.76, despite the stock’s elevated valuation at a price-to-earnings ratio of 77.55.

Plato Investment Management Ltd acquired a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 31,385 shares of the information technology services provider's stock, valued at approximately $3,098,000.

A number of other hedge funds have also recently bought and sold shares of NOW. Millstone Evans Group LLC raised its position in shares of ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its holdings in ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 135 shares during the last quarter. Blueline Advisors LLC acquired a new stake in ServiceNow in the fourth quarter worth about $25,000. Measured Wealth Private Client Group LLC raised its holdings in ServiceNow by 560.0% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 140 shares during the last quarter. Finally, Wealth Watch Advisors INC raised its holdings in ServiceNow by 432.3% during the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 134 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $124.08 on Monday. The stock has a market capitalization of $128.29 billion, a price-to-earnings ratio of 77.55, a PEG ratio of 2.18 and a beta of 0.94. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73. The firm has a fifty day simple moving average of $107.08 and a 200 day simple moving average of $105.59. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.93 billion. During the same period in the previous year, the firm posted $0.81 EPS. The company's revenue for the quarter was up 24.0% on a year-over-year basis. Research analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOW has been the topic of several analyst reports. Truist Financial increased their price objective on shares of ServiceNow from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Barclays reaffirmed an "overweight" rating and set a $134.00 target price (up from $132.00) on shares of ServiceNow in a report on Tuesday, May 5th. Sanford C. Bernstein reissued an "outperform" rating and issued a $248.00 price target (up from $236.00) on shares of ServiceNow in a research note on Thursday, July 23rd. Jefferies Financial Group restated a "buy" rating and issued a $140.00 price target (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, BMO Capital Markets lifted their price objective on ServiceNow from $115.00 to $118.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $143.76.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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